OYO – South Asia’s largest, and world’s fastest growing chain of hotels, homes, and spaces – today announced the rebranding of it’s long-term fully managed housing rental solution to OYO LIFE. Known previously as OYO Living, OYO LIFE provides upgraded living experiences at affordable prices to young professionals globally. Rohit Kapoor who joined OYO in December 2018 as the CEO of New Real Estate Businesses takes on the additional role of leading the OYO LIFE business. Rohit will join Kavikrut, Chief Growth Officer, OYO Hotels & Homes to build the OYO LIFE offering globally.
Launched in October 2018, OYO LIFE offers residents fully managed independent residential units, inclusive of contracting, furnishing, cleaning, maintenance, and in-stay services. In less than six months since its launch, OYO LIFE has more than 10,000 beds signed, 6,000+live and is adding 1000+ new beds every month making it one of the largest businesses for branded fully-managed housing for millennials globally. The adoption of the OYO LIFE brand and transitioning from its previous identity has begun globally, starting with Japan.
Commenting on this, Ritesh Agarwal, CEO & Founder, OYO Hotels & Homes said, “OYO Hotels and Homes has been re-engineering living worldwide and is a leading global franchising and hospitality company. Globally, we have close to half a million rooms with a clear focus on providing great living spaces. OYO Living was conceptualized based on the feedback and demand from our valued customers and asset partners. With its launch, we embarked on a journey towards becoming India’s biggest provider of housing, consolidating our position as a category innovator and leader. Its new identity – OYO LIFE is based on the philosophy that housing is an essential product to LIFE and influences and inspires how you live your life.
He added, “Rohit joined OYO in December last year and has in around 75 days built a strong, resilient team for our new real estate business right from scratch. With his passion, rock-solid leadership skills, he has proved to be a valuable asset to our company and we’re thrilled that in addition to being CEO of our new real estate business, Rohit will now take responsibility to lead and scale the OYO LIFE business in India”.
“My journey at OYO has been empowering, exhilarating and immensely fulfilling so far. I am amazed to see how young yet strategic this company is at the core both by the way it functions and delivers outcomes. I am ecstatic about the extended responsibilities and to take OYO LIFE to greater heights. While we are currently focussing on young professionals, however, in the future we see the potential for customers across various stages of life ranging from students, couples right up to families and senior citizens across diverse income groups, looking for such fully managed accommodations. We wanted the new identity to reflect this vision and be a neutral, all-encompassing, aspirational brand for our varied audience groups and therefore chose OYO LIFE. Like we all at OYO now rightly say – It is still Day 0 for us.” said Rohit Kapoor, Chief Executive Officer, New Real Estate Businesses, OYO Hotels & Homes.
Rohit is a proven professional with over 20 years of experience and additionally is entrusted with the responsibility to explore new domains and categories, and other strategic initiatives in the real estate side of OYO’s business.
OYO LIFE accommodation provides essential amenities like Wi-Fi connectivity, television, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking. Residents also have access to OYO Support at all times, at no additional cost over the monthly rental charges. Starting with INR 7999, per bed, per month, OYO LIFE helps residents save on brokerage, lock-in periods, and the hassle of searching house helps and support services involved while moving to a new residence. OYO LIFE aims to expand globally with the goal of crossing 100K beds in 2019.